Daily Forex Preview for October 23, 2015

October 23, 2015

EURUSD Daily Pivots

EURUSD (1.11): EURUSD closed on a strong bearish note yesterday but the daily chart shows prices supported near the lower end of the larger rising price channel. The support zone near 1.11 through 1.108 looks to be holding right now, which indicates a potential move to the upside. Resistance comes in at 1.1254 followed by 1.130. A close above 1.1135 will indicate or confirm the move to the upside. Alternatively, failure to rally above 1.1254 will see EURUSD likely to decline lower back to 1.11 and eventually break down to previous lows.

R3

1.1522

R2

1.1436

R1

1.1272

Pivot

1.1184

S1

1.1020

S2

1.0935

S3

1.0768

USDJPY Daily Pivots

USDJPY (120.6): USDJPY closed on a bullish note yesterday marking 6 straight days of gains. Prices have briefly touched the highs of 120.97 in the process. We expect to see a decline back to 120.275 which marks a short term support/resistance level. If 120.275 holds, USDJPY could potentially rally back above the 121 level. Alternatively, failure to find support at 120.275 could see USDJPY decline lower to the previous support near 119.5 through 119.4 region.

R3

122.259

R2

121.516

R1

121.105

Pivot

120.358

S1

119.947

S2

119.207

S3

118.796

GBPUSD Daily Pivots

GBPUSD (1.54): GBPUSD declined back from the highs of 1.55 and is currently retracing some of the declines. Short term support/resistance is at 1.54339. If this level holds are resistance, GBPUSD could decline back to 1.537 through 1.535 level of support and could prepare for a move higher. Alternatively, a break below 1.535 could see GBPUSD break down to the next lower support at 1.52.

R3

1.5615

R2

1.5560

R1

1.5477

Pivot

1.5423

S1

1.5339

S2

1.5285

S3

1.52

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